18 Jun '13, 6pm

Bitcoin miners are working 55 years ahead of schedule:

Bitcoin miners are working 55 years ahead of schedule:

Like all monetary systems, the value of Bitcoin depends on scarcity. To achieve this with an all-digital currency, the money supply is controlled by an algorithm that was configured to release a “block” of Bitcoin (sort of analogous to a nugget of gold) once every 10 minutes. But, according to the Genesis Block, the rate is speeding up. The Bitcoin algorithm essentially regulates the money supply like this: Blocks of Bitcoin are assigned values called hashes. Bitcoin “miners” use computer software to guess these hashes. When a miner guesses correctly, they get the block. But the process is not instant. The hashes require computing power—in other words time—to crack. And after 2016 blocks of Bitcoin are released, the algorithm recalibrates, taking into account any added computing power to make sure the mining rate is stable. In theory this recalibration should be quite accu...

Full article: http://www.dailydot.com/business/bitcoin-mining-55-years-...

Tweets

sunday schedule

cttransit.com 30 Jun '13, 11am

Bitcoin

nymag.com 20 Jun '13, 4pm

Bitcoin isn't quite like a traditional currency. Even if the pieces of the Bitcoin infrastructure that intersect with the ...

Bitcoin is over.

nymag.com 20 Jun '13, 4pm

Bitcoin isn't quite like a traditional currency. Even if the pieces of the Bitcoin infrastructure that intersect with the ...

Google AdSense Is 10 Years Old

thedomains.com 19 Jun '13, 1pm

Google AdSense Is 10 Years Old 2013 June 19 by Michael Berkens Follow @TheDomains Google is celebrating the 10th anniversa...

Bitcoin miners, beware: Lawmakers are fixating on digital currency

Bitcoin miners, beware: Lawmakers are fixating ...

infoworld.com 25 Jun '13, 10am

Lawmakers have become increasingly focused on bitcoins as the virtual currency has gained popularity and value in recent m...

Bitcoin prices have stayed afloat amid the Fed-...

blogs.marketwatch.com 20 Jun '13, 9pm

The stability has certainly improved – in my view the markets have found a quasi short term equilibrium. The nature of the...